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1941. Individual Accountability in International Economic Policymaking after the Global Financial Crisis

Author:
Stefano Pagliari and Iosif Kovras
Publication Date:
05-2021
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
In the aftermath of the global financial crisis, the design of accountability mechanisms has taken on renewed importance in academic and policy debates. Calls for holding individuals whose actions and omissions contributed to the meltdown accountable have gained traction in a number of countries after the crisis. Yet, individual accountability norms are seemingly absent from the international economic agenda in response to crisis. In this paper we address this puzzle by exploring the evolution of two major international organisations, the IMF and the FSB, in bringing accountability following financial crises. Our analysis reveals how these institutions have increasingly incorporated in their toolkit policy recommendations related to the unethical or illegal conduct by government officials of individuals in the financial industry, but these tools were geared almost exclusively towards forward-looking policies designed to deter the reoccurrence of illegal or unethical behavior rather than punishing or scrutinizing past wrongdoing. We argue that the extent to which individual accountability norms permeate the international economic agenda is mediated by the institutional characteristics of the organizations that comprise the international financial regime.
Topic:
Financial Crisis, Governance, Culture, Accountability, and Bureaucracy
Political Geography:
Global Focus

1942. Sand Extractivism and Its Inequalities: Elite Scripts in the Singaporean Demand for Sand

Author:
Madhumitha Ardhanari
Publication Date:
01-2021
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
Extractive industries must be rapidly scaled down to achieve the decarbonisation targets and climate justice demanded by the imminent climate emergency. However, existing academic literature presenting alternatives to growth lack practical, implementable pathways to degrow extractive industries. One critical extractive industry is often overlooked: sand. This is despite it being a key extractive industry that various critical supply chains in the urban economy rely on. Unlike other non-renewables such as coal and oil, sand has no mainstream commercial alternative. Sand extraction and dredging result in critical ecosystem and livelihood losses that reproduce and entrench existing inequalities. This paper focusses on Singapore – currently the world’s largest importer of sand. I will present my findings from interviewing critical proponents and opponents to Singapore’s use of sand in the country’s quest to reclaim land. These different scripts people hold on sand validate and legitimise sand extraction for land reclamation and how they might reproduce inequalities. Scripts developing around extractives are critical in pathways to scaling down extractives. In this essay, I argue that three scripts related to sand – scripts of growth, mutual benefit and silence – present critical barriers to scaling down Singapore’s sand demand. Resistors of these scripts are beginning to question specific elements within these scripts to question their dominance and hegemony. I also offer what scripts of hope in the case of sand in Southeast Asia can look like in achieving environmental and social justice, and explore the implications of these findings to alternatives-to-growth literature.
Topic:
Climate Change, Inequality, Elites, and Extractive Industries
Political Geography:
Singapore and Southeast Asia

1943. Financialisation Reinforced: The Enduring Legacy of the Covid Pandemic

Author:
Photis Lysandrou and Taimaz Ranjbaran
Publication Date:
01-2021
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
This paper examines the impact of the covid pandemic on the financialisation process, here viewed as the growing domination of the world’s financial securities markets over the world’s material output base. Two major arguments are advanced. The first is that the pandemic has reinforced the functionality of financial market scale, which is that its continuing growth signifies nothing other than that governments and corporations on the one hand and pension funds and other asset managers on the other are colonising the future to cope with the rising financial pressures of the present. The second argument is that the pandemic has also accentuated one of the more notable dysfunctional aspects of the continuing growth of financial market scale, which is the reinforcement of a core-periphery divide between the advanced and emerging market economies that occupy the global financial system. The paper concludes with some policy implications of the analysis that includes the call for a global wealth tax.
Topic:
Economics, COVID-19, Securities, and Financialisation
Political Geography:
Global Focus

1944. Russia or the West – Which Should Jerusalem Choose?

Author:
Daniel Rakov
Publication Date:
12-2021
Content Type:
Working Paper
Institution:
Jerusalem Institute for Strategy and Security (JISS)
Abstract:
The Israeli government has not publicly expressed a position regarding the gathering of Russian forces on the Ukrainian border. Still, a renewed war between Russia and Ukraine could make it challenging to choose between its commitment to its Western allies and its important relationship with Russia.
Topic:
Security, International Cooperation, Military Strategy, and Military Affairs
Political Geography:
Russia, Europe, Ukraine, Middle East, and Israel

1945. Hamas takeover of Gaza killed the two-state solution

Author:
Hillel Frisch
Publication Date:
12-2021
Content Type:
Working Paper
Institution:
Jerusalem Institute for Strategy and Security (JISS)
Abstract:
The American pressure against the Atarot housing project north of Jerusalem was likely meant to maintain the possibility of a two-state solution.
Topic:
Security, Military Strategy, Territorial Disputes, and State Building
Political Geography:
Middle East, Israel, and Palestine

1946. Is it time for Biden to demonstrate force with Iran?

Author:
Efraim Inbar
Publication Date:
12-2021
Content Type:
Working Paper
Institution:
Jerusalem Institute for Strategy and Security (JISS)
Abstract:
The withdrawal of American forces from the Middle East may have strategic merits. The rationale for a contracted global military seems to match what American strategists have termed “offshore balancing,” which means that the U.S. holds fewer overseas bases but maintains its military capability to intervene in distant regions when necessary.
Topic:
Security, Military Strategy, Strategic Interests, and Intervention
Political Geography:
Middle East, Israel, North America, and United States of America

1947. Iran talks are likely going nowhere

Author:
Alexander Grinberg
Publication Date:
12-2021
Content Type:
Working Paper
Institution:
Jerusalem Institute for Strategy and Security (JISS)
Abstract:
Iran uses uranium enrichment as leverage on the EU and US to get concessions.
Topic:
Security, Diplomacy, Nuclear Weapons, Conflict, Uranium, and Nuclear Energy
Political Geography:
Iran, Middle East, Israel, North America, and United States of America

1948. The time is ripe for an Israeli-Moroccan honeymoon, though it might not last forever

Author:
Efraim Inbar
Publication Date:
12-2021
Content Type:
Working Paper
Institution:
Jerusalem Institute for Strategy and Security (JISS)
Abstract:
If Israel fails to halt Iran’s nuclear progress, the pro-Israel trend in the region will disappear.
Topic:
Diplomacy, International Cooperation, Nuclear Weapons, Military Strategy, and Conflict
Political Geography:
Africa, Iran, Middle East, Israel, and Morocco

1949. Israel, the US, and the Iranian Nuclear project – back to basics

Author:
Eran Lerman
Publication Date:
12-2021
Content Type:
Working Paper
Institution:
Jerusalem Institute for Strategy and Security (JISS)
Abstract:
It is not in America’s interest for Israel to be perceived as an obedient lap dog. On the contrary, keeping Israel’s options open, or even enhancing them, will ultimately prove to be of value to the US.
Topic:
Diplomacy, International Cooperation, Nuclear Weapons, Military Strategy, Alliance, and Conflict
Political Geography:
Iran, Middle East, Israel, North America, and United States of America

1950. Palestinian Violence, Not Settler Violence is the Problem

Author:
Hillel Frisch
Publication Date:
12-2021
Content Type:
Working Paper
Institution:
Jerusalem Institute for Strategy and Security (JISS)
Abstract:
In conjunction with radical Arab MKs, Leftist Israeli politicians focus on settler violence when the real issue is Palestinian violence organized from the apex of the PA down to paid local instigators. Palestinian violence is twenty times greater than what settlers commit and is far more dangerous and lethal.
Topic:
Territorial Disputes, Conflict, Violence, Settler Colonialism, and Settlements
Political Geography:
Middle East, Israel, and Palestine